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The impact of COVID-19 is yet to be accessed fully, but it is fairly clear that the insurance industry is facing mounting losses in the short term and an uncertain recovery in the long term. Commercial Lines are expected to be hit the hardest. Property, Liability, Workers Compensation and Marine coverages may face somewhere between $30 and $80 billion in claims according to Willis Towers Watson and will see significant market shrinkage post-pandemic. The two months of the lockdown delivered a devastating blow to the US economy. With 39 million Americans forced out of jobs, the commercial insurance market is bound to shrink beyond the levels seen following the Great Recession of 2008.
2020 will be the year of Big Data. We have been told that so many times, but every time some other tech fad grabbed the attention away. Now data has grown so big, there is no way we can keep ignoring it. And it is not just the size. Finally, we are properly equipped with computing power, analytics, and visualization tools that will help us to turn our full attention to data.
